5 Things to Consider Before Signing that Residential Sale and Purchase Contract
As a future buyer of residential real property, one of the things you will be required to do is sign a residential sale and purchase contract. Remember, the signature you append on the contract means you are agreeable to its terms. Therefore, you need to be aware of certain things that you will need to consider before signing that residential contract. Our firm Nishad Khan PL Orlando FL real estate lawyers have great expertise on contract law, and they are ready to take you through some of the things you need to consider before signing the residential sale and purchase contract. Some of which include:
1. Read and understand your obligations
You need to ask yourself whether you have read the contract thoroughly and whether you understood your obligations. It is important to understand that ignorance is not a defense when performing any obligations under a contract so reading and understanding the contract is among the most important steps towards ensuring you are entering into a residential sale and purchase contract with terms that you understand and are willing to perform. With the help of our Nishad Khan PL Orlando FL real estate lawyers, one assurance you have is that our firm will only allow you to sign the contract after you understand every clause and are willing to perform every obligation that is set forth in the contract.
2. The convenience of the dates and deadlines set
If a contract requires you to make payments or perform specified acts within a specific time or date, it is crucial to ensure the set deadlines are reasonable in time, and that the deadlines do not conflict with any of the other proposed timelines within the contract.
3. Necessary inspections to be carried out
Before signing the contract, it is important to ensure that you will have ample time to complete any inspections you would like performed on the property. Some inspections, like structural inspections, take time and should be conducted during the mutually agreed upon inspections period. Make sure you give yourself enough time to get these inspections completed so that you can make a decision as to whether you are comfortable with moving forward with the purchase of the property. Your attorney from Nishad Khan PL will ensure you are aware of all crucial inspections and the associated timelines to complete those inspections.
4. Discuss financing terms with lender
Getting a good financing contingency in place is key. Also, knowing the timeframe that will be necessary to obtain financing is just as important. It is important to understand that if you do not obtain financing within the mutually agreed upon timeframe, you may be on the hook for coming up with the entire amount due at closing.
5. Comprehensive documentation
Your attorney will help you make sure the contract includes all required disclosures, addendums, riders, and any other required documents the seller may be required to provide before you sign the contract.
Contact your Orlando Florida real estate attorney at Nishad Khan today to discuss your case.